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18 January 20242 minute read

DLA Piper advises Steer Automotive Group on its sale to Oakley Capital

DLA Piper has advised Steer Automotive Group on its conditional sale to Oakley Capital. Founder, Richard Steer, and the current management team will continue to lead the business and are reinvesting alongside Oakley. As part of the transaction, Oakley will acquire the shares currently held by Keyhaven Capital Partners and Chiltern Capital.

Founded in 2018 by serial entrepreneur Richard Steer, Steer Automotive has expanded through 18 acquisitions, establishing a network of over 100 repair centres. The group facilitates repairs through its core passenger car and prestige repair centres, luxury brand centres and commercial vehicle locations. Representing approximately 5% of the UK repair market, Steer employs over 2,300 people and repairs more than 115,000 vehicles a year.

Chiltern Capital and Keyhaven Capital originally invested in the business in 2021. During their three-year investment period, Steer moved from a top 20 regional B2B collision repair business to a UK-leading position. Steer has invested significantly in its operational infrastructure and management team which has vastly improved its operational efficiency, while also introducing data & analytics tools to enhance KPI monitoring as well as rolling out a programme of ESG initiatives.

Partnering with Oakley will facilitate Steer Group’s next stage of growth within the fragmented collision repair market, further strengthening its investment in its facilities, development and training through the Steer Academy programme, and EV repair capability to meet the demands of newer, more technologically advanced vehicles.

The DLA Piper team advising Steer Automotive Group was led by Corporate partner Jon Kenworthy and supported by Corporate partner Laura Marcelli, Legal Director Liam Freeman, Senior Associates Danny Westmoreland and Simon Winterburn, Associates Noémie Cetnarowicz, Kristi Boyes and Matthew Rose and Trainee Solicitor Thomas Foley.